The rules for taxing dividends changed radically from 6 April 2016, with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends.
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In 2016 the government consulted on a proposed abolition of Class 2 National Insurance Contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the level of profits.
HMRC propose to restrict the availability of “rent a room” relief to situations where the taxpayer is living in the let property for at least some of the time that the accommodation is let.
HMRC have launched new customer-focused and innovative technology through Amazon Alexa, to help more than 3 million customers seeking help with their tax credits renewals.
The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax (IHT) with a view to simplifying how the tax operates.